Jan 14 - Fitch Ratings has assigned CCBL Funding PLC's CNY1bn senior, guaranteed medium-term
bond (MTB) a final rating of 'A'. This follows a review of final documentation conforming to the
draft documentation previously received, as well as receipt by the State Administration of
Foreign Exchange (SAFE) of documentation pertaining to China Construction Bank Corporation's
(CCB) guarantee. The final rating is same as the expected rating assigned on 1
The issue rating is derived directly from CCB's own Long-Term Local-Currency Issuer Default
Rating (IDR) of 'A' to reflect the full, unconditional and irrevocable guarantee from CCB. CCBL
Funding PLC is a wholly-owned special purpose vehicle (SPV) subsidiary of CCB (London) Limited.
The SPV was established in 2012 to facilitate CNY bond issuance in London. The issue is capped
at CNY2.5bn. Funds raised will be used to develop CCB's offshore CNY business and for other
general corporate purposes.
Any event which makes enforcement of the deed of guarantee questionable would trigger a
review, and could lead to a change in the issue's rating. Enforcement of the guarantee is
contingent upon registration of the guarantee with SAFE, which is to take place on a monthly
basis as part of CCB's monthly reporting of all overseas guarantees.
For more information, see "Fitch Rates China Construction Bank 'A'; London-issued CNY Bond
'A (EXP)'", available on www.fitchratings.com.
CCB's ratings are as follows:
- Long-Term Foreign- and Local-Currency IDRs at 'A'; Stable Outlook
- Short-Term Foreign- and Local-Currency IDRs at 'F1'
- Support Rating at '1'
- Support Rating Floor at 'A'
- Viability Rating at 'bb'